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Forum Thread
Target will automatically convert some Target-only RedCards to generic use MasterCard soon
Do with this information what you will; I just wanted to give current red card holders a heads up.
In the mail today (pictures attached), I found out that my Target credit card that I've had for about 5 years will be automatically upgraded to a MasterCard on March 23, 2020. The new MC will ship in about 2 months. They increased my credit limit up to $10,000 and this will extend to the new MC (it was around $3,000 before). I never contacted them to do any such product change or credit limit increase.
You'll still get the same 5% off at Target and Target.com. They're also adding 2% on gas and dining and 1% on everything else, but in the form of an annual Target Gift Card via mail. They'll only mail you the annual gift card if you earned at least $10 worth of 2% and 1% rewards.
So other than the increased credit limit, which lowers your overall credit utilization ratio, these new "benefits" seem pretty useless for me, as I use other credit cards that get more than 2% back on dining, gas, and other purchases. I'm also not a fan of getting just a yearly reward (similar to the way Costco does) and in the form of something mailed, rather than at least monthly and online. It's much more convenient to redeem credit card rewards online, either towards cash back or through travel portals/transfer partners.
I pay my credit cards off in full each month, but for those who don't and decide to use this new card, its APR is pretty abysmal at 24.40%. YMMV.
I'll continue using this only at Target and Target.com. Won't use it outside of Target.
In the mail today (pictures attached), I found out that my Target credit card that I've had for about 5 years will be automatically upgraded to a MasterCard on March 23, 2020. The new MC will ship in about 2 months. They increased my credit limit up to $10,000 and this will extend to the new MC (it was around $3,000 before). I never contacted them to do any such product change or credit limit increase.
You'll still get the same 5% off at Target and Target.com. They're also adding 2% on gas and dining and 1% on everything else, but in the form of an annual Target Gift Card via mail. They'll only mail you the annual gift card if you earned at least $10 worth of 2% and 1% rewards.
So other than the increased credit limit, which lowers your overall credit utilization ratio, these new "benefits" seem pretty useless for me, as I use other credit cards that get more than 2% back on dining, gas, and other purchases. I'm also not a fan of getting just a yearly reward (similar to the way Costco does) and in the form of something mailed, rather than at least monthly and online. It's much more convenient to redeem credit card rewards online, either towards cash back or through travel portals/transfer partners.
I pay my credit cards off in full each month, but for those who don't and decide to use this new card, its APR is pretty abysmal at 24.40%. YMMV.
I'll continue using this only at Target and Target.com. Won't use it outside of Target.
Created 01-29-2020
at 04:20 PM
by dealnabber
in
Credit Cards
(5)
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117 Comments
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I think you need to learn how credit works and why purchasing items with credit is safer than debit.
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Explain to me how a no PIN credit card is safer.
Highscore <> understanding credit.
That being said, my credit score is higher than yours and I would never use a debit card at Target or anywhere. I've pretty much only used my debit card once and that was some strange scenario where I needed a mastercard and didn't have anything other than visa cards.
Explain to me how a no PIN credit card is safer.
This limited liability is one of the main reasons experts recommend using credit cards — especially for online purchases.
Debit card fraud protection, on the other hand, is covered by the Electronic Funds Transfer Act (EFTA) — and protection varies.
Here's what you could owe, based on when you report a debit card loss:
Before any unauthorized purchases are made: $0
Within two business days of learning about the loss: up to $50
More than two days after the loss: $500
More than 60 days from when your statement is sent: the entire amount
Explain to me how a no PIN credit card is safer.
A debit card gives their system direct access to your money. When the system is hacked, your money will be gone. You are fully aware of this if you were one of the lucky that was hacked in Targets system. Just because your credit score is high doesn't mean you know everything. Maybe you have something to learn in this area.